Update on the Lake Oswego Housing Market

I can give you a lot of anecdotes about the temperature of the Lake Oswego Housing Market.

•Multiple offers are coming in on homes with the sale going often to the highest bidder, in most cases offering thousands more than the listing price

•Some buyers are writing escalation clauses into their offers in hopes of having the opportunity to raise their offer as needed to win out over other buyers

•Since banks loan money based on the appraised value, when homes appraise for less than the sales price (which is happening more often right now due to bidding wars), buyers are having to come up with more cash to make up the difference

But I can also give you numbers to back up the anecdotes. Here are some telling numbers regarding single family residences.

YEARAVERAGE SALES PRICEANNUAL % INCREASECUMULATIVE INCREASE SINCE 1997
2021 YTD $1,168,96218.5%376.1%
2020$  986,190  9%317.3%
2019$    905,001  3.4%291.2%

Here are those same numbers for condos:

YEARAVERAGE SALES PRICEANNUAL % INCREASECUMULATIVE INCREASE SINCE 1997
2021 YTD $   425,53115.7%341.9%
2020$  367,889  5.6%295.6%
2019$   348,529  8.5%175.3%

And when you dig deeper into particular numbers you’ll find this:

In April of 2019, listings of detached dwellings in Lake Oswego spent an average of 57 days on the market. In April of 2021, that average DOM dropped to 42.

In April of 2019, the monthly inventory of detached dwellings in Lake Oswego was 5.5 months compared to 4.7 in 2020 and only 1.1 in 2021.

The average yearly change in sales price for detached dwellings in Lake Oswego has been 10.6% since 1997 while condos and attached dwellings have seen their sales prices increase by an average of 9.4% annually over the same time period.

So, you can see why 71% of Americans polled in an April Gallup survey said they expect housing prices to continue to rise in their local market over the next year. And why 41% of Americans believe that real estate is the best long-term investment, with stocks and mutual funds trailing behind at 26%.

I have always believed that Lake Oswego real estate has been undervalued. While that imbalance is correcting itself, I still see room for appreciation. Especially after returning from a recent trip to California, I can attest to the fact that Lake Oswego homes are still a true value. And when you factor in the quality of life here in addition to the square footage and house amenities, there is no comparison!

If you’re considering moving to Lake Oswego, please get in touch with me. I’d love to help you realize the value here. If you are already enjoying living in Lake Oswego and considering moving, let’s talk. I can help you understand the true value of your home and what it would cost for you to move up or move on. You can reach me at 503.939.9801 or costellok@hasson.com. And be sure to check out my website. I look forward to hearing from you!

About lovelakeoswego

I feel pretty lucky—I live where I work and I love where I live. As a Realtor in Lake Oswego, I get to share that enthusiasm with clients every day. Through this blog, with the help of my freelance writer wife, Genita, I’d like to share that enthusiasm with you. The quality of life you’ll find in Lake Oswego belies its size—there is so much to experience here from a fireworks show over the lake on the 4th of July to the Festival of the Arts--one of the premier arts events in the region. So please check in each week for another reason why I love Lake Oswego and who knows—maybe you’ll fall in love too! If you’re interested in experiencing Lake Oswego personally, please feel free to contact me either on my cell at (503) 939-9801, via email at costellok@hasson.com or check my website by clicking the link in the "Contact me" section in the right hand column. I would love to show you around.
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